ROME, Nov. 9 (Xinhua) — Italian Prime Minister Silvio Berlusconi said on Wednesday he will not stand if Italy holds early elections, a day after promising to step down once parliament approves urgent budget reforms for 2012.

“I will resign as soon as the law is passed. Since I believe there is no other majority possible, I see elections being held at the beginning of February and I will not be a candidate in them,” he told his own “Canale 5″ television station. Continue Reading

ATHENS, Nov. 7 (Xinhua) — Greeks awaited on Monday the announcement of the new unity government that will continue efforts to save the country from default, as outgoing Prime Minister George Papandreou and main opposition conservative New Democracy party leader Antonis Samaras are due to hold fresh consultations to finalize its composition. Continue Reading

ATHENS, Nov. 6 (Xinhua) — Greek Prime Minister George Papandreou and main opposition leader Antonis Samaras reached an agreement on Sunday evening on a national unity government with a new prime minister, said a statement of the president’s office.

According to the statement issued after their meeting, which was hosted by President Karolos Papoulias, a new prime minister will be named on Monday, following further talks between Papandreou and Samaras.

“The new government shall lead the country to early general elections after the implementation of the October 26 EU agreement decisions,”said the statement.

LONDON, Nov. 6 (Xinhua) — London will set to suffer 95 percent leisure tourism slump during the Olympic Games in 2012, a newly published survey said on Sunday.

In a survey conducted amongst its members, the European Tour Operators Association (ETOA) discovered that a major slump in leisure tourism bookings is underway. Continue Reading

CANNES, France, Nov. 4 (Xinhua) — The leaders of the Group of Twenty (G20) economies agreed on Friday to secure sustainable growth in coordinated efforts but with respective focuses, as economic uncertainties add to global challenges.

Despite a Greek referendum drama which threatened to derail EU efforts to defuse a debt crisis, French President Nicolas Sarkozy tried hard throughout the two-day summit to push previously designed G20 agenda, including global growth commitments, back on track.

“Today, we reaffirm our commitment to work together and we have taken decisions to reinvigorate economic growth, create jobs, ensure financial stability, promote social inclusion and Continue Reading

ATHENS, Nov. 3 (Xinhua) — Greek Prime Minister George Papandreou was ready to drop his plan to hold a referendum over the European Union (EU) aid package for Greece, as long as there could be cross-party cooperation over a national unity government, he told a cabinet meeting here on Thursday.

He rejected scenarios that he intended to submit his resignation amid a revolt by senior ministers and ruling socialist party deputies. Continue Reading

CANNES, France, Nov.3 (Xinhua) — China will purposely further increase its imports from eurozone countries in the future, to help them recover from the debt crisis, Chinese Minister of Commerce Chen Deming said here on Thursday evening.

“Every year we organize all kinds of small, medium and large-size purchasing groups to Europe, and from now on, we will pay special attention to the eurozone countries,” he said in a press conference on the sidelines of the two-day Group of Twenty (G20) leaders’ summit. Continue Reading

by Wang Fan

BEIJING, Nov. 3 (Xinhua) — The eurozone debt crisis would be among the most urgent issues facing leaders of the world’s major economies as they are gathering in the French city of Cannes Thursday for the G20 summit.

The debt issue became more pressing after Greek Prime Minister George Papandreou announced Monday he would hold a referendum on a rescue deal for his heavily indebted country.

Papandreou’s shock move prompted France and Germany to invite him for an emergency meeting in Cannes Wednesday, the day before the summit. French and German leaders told the Greek prime minister to focus the vote on whether Greece should stay in the eurozone rather than on the rescue plan, which was hammered out last week by Europe’s leaders. Continue Reading

By Maria Spiliopoulou

ATHENS, Nov. 1 (Xinhua) — Prime Minister George Papandreou’s surprise call for a parliamentary vote of confidence this week and a referendum in January on the fresh European Union (EU) aid package for the debt-laden country turned into a high risk gamble, analysts said Tuesday.

The analysts pointed to mounting fierce reactions inside the assembly and out on the streets of Athens on Tuesday. Continue Reading

PARIS, Nov. 1 (Xinhua) — The eurozone bailout package for Greece was the “only way” to save the country, French President Nicolas Sarkozy said Tuesday, urging Athens to make its own effort to exit the debt crisis.

In a statement issued by the Elysee Palace, Sarkozy called Greek decision to hold a referendum on the eurozone aiding plan a “surprise for all Europe,” adding that the plan unanimously adopted by all 17 members of the euro area last Thursday was “the only way to solve the problem of Greek debt.” Continue Reading

BEIJING, Oct. 29 (Xinhua) — Talks with Chinese officials on China’s contribution to the new European investment instruments were “productive” and “friendly,” the head of the eurozone’s bailout fund said here Saturday.

Klaus Regling, chief executive officer of the European Financial Stability Facility (EFSF) said in a lecture at Tsinghua University that the purpose of his visit to China was to “listen to potential investors” and “get their views” so as to make the EFSF bonds “interesting” to buyers. Continue Reading

BRUSSELS, Oct. 27 (Xinhua) — European leaders agreed early Thursday that private creditors have to accept a 50 percent cut in the value of the Greek government debt they hold, and the bailout fund would be increased to 1 trillion euros (1.37 trillion U.S. dollars).

“We have reached a sustainable solution for Greece,” said Herman Van Rompuy, the European Council president, at a press conference held after a prolonged eurozone summit which dragged from Wednesday evening to Thursday morning. Continue Reading